DiamondBuzz
The right time to Increase De Beers stake: Botswana’s mines minister
Botswana’s mines minister Bogolo Kenewendo says it’s “absolutely” the right time to discuss the government increasing its 15 per cent stake in De Beers.
She indicated that Anglo American, which owns the other 85 per cent of De Beers, was moving closer to an initial public offering (IPO) and that Botswana was pushing for a larger stake.
Anglo announced last week that it was likely to write down the value of De Beers from its current $7.6bn, as a result of persistent weak diamond demand, especially in China.
Botswana’s diamond, which accounts for over 70 per cent of the country’s export earnings, has been severely hit by the global slump in demand.
In the last nine months of 2024 Debswana – its 50/50 joint venture with De Beers it sold $1.53bn of rough, down 52 per cent on the same period in 2023.
DiamondBuzz
Alrosa Reports $130mn H1 Loss Amid Diamond Market Headwinds
The Company Cited Geopolitical and Macroeconomic Uncertainty, Western Sanctions, Shifting Jewellery Demand, Higher Gold Prices and Weaker Rough and Polished Diamond Sales As Key Challenges.
Russia’s state-controlled diamond miner Alrosa reported a 10.67 billion-ruble ($129.7 million) net loss in H1 2026, reversing a 39.03 billion-ruble profit a year earlier. Revenue plunged 36% to 74.16 billion rubles ($901.6 million), while gross profit fell to 4.62 billion rubles.
The company cited geopolitical and macroeconomic uncertainty, Western sanctions, shifting jewellery demand, higher gold prices and weaker rough and polished diamond sales as key challenges. Its operating loss widened to 5 billion rubles, while the pre-tax loss reached 14.08 billion rubles.
Adding to the pressure, Russia’s 8% export duty on unprocessed rough diamonds above 0.45 carats, postponed to March 2027, is expected to cut Alrosa’s profit by around 3.12 billion rubles ($37.9 million), further clouding the miner’s outlook.
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Joyalukkas to Supply 1-Gram Gold Rings to 4.41 Lakh Newborns Under Tamil Nadu Government’s “Thai Maman Thanga Mothiram” Scheme
Joyalukkas to Supply 1-Gram Gold Rings to 4.41 Lakh Newborns Under Tamil Nadu Government’s “Thai Maman Thanga Mothiram” Scheme
Mahesh Notandass and Vandals Partner with Rohit Gandhi + Rahul Khanna for Noir Botanica
Keemti Jewels Launches Its New Store In Gurgaon
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